4 reasons insurers need AI to proactively fight fraud – DXC Blogs

The insurance industry consists of more than 7,000 companies that collect more than $1 trillion in premiums annually, providing fraudsters with huge opportunities to commit fraud using a growing number of schemes. Fraudsters are successful too often. According to FBI statistics, the total cost of non-health insurance fraud is estimated at more than $40 billion a year. Fighting fraud is like aiming at a constantly moving target, since criminals constantly hone and change their strategies. As insurers offer customers additional ways to submit information, fraudsters find a way to exploit new channels, and detecting issues is increasingly challenging because threats and attacks are growing in sophistication.